Banks move quickly to cut deposit costs after Fed rate cut
Many banks lowered the interest rates they pay on certificates of deposits and high-yield savings accounts in September, capitalizing on the Fed’s 25-basis-point cut.
TD creates $25 million fund to boost Philly neighborhoods
The fund is designed to generate a financial return, as well as Community Reinvestment Act credit, for TD. Its inaugural investment is in a mixed-use project that will include 49 affordable housing units.
Key cybersecurity law expires, leaving banks exposed
A government shutdown and a single senator’s hold prevented the renewal this week of a bipartisan law that helped banks and other firms defend against hackers.
Jefferson signals cautionary stance on tariffs, labor and rate path
Federal Reserve Vice Chair Philip Jefferson said Friday that the economic outlook is uncertain and that he was adopting a cautious approach to gauging whether slowing growth and a softening labor market outweigh inflation pressures from tariffs.
Inside Merrick Bank’s relaunch of Ally’s former credit card portfolio
The CardWorks subsidiary has officially taken over Ally Financial’s Ollo credit card portfolio, ending a five-year dance between the two companies that first had Ally buying CardWorks for $2.7 billion.
Maria Tedesco appointed CBA board chair
The Consumer Bankers Association elected Atlantic Union Bank’s Maria Tedesco as its 2025 board chair; Banco Santander’s Steffen Doyle is leaving the firm; Commerzbank’s lawyers allege an ex-analyst made up sexual harassment claims against a colleague after he lost his job; and more in this week’s banking news roundup.
Even as shutdown halts BLS data, hiring appears to be slowing
The ongoing government shutdown prevented the Bureau of Labor Statistics from releasing its September jobs report Friday, but job growth appears to be softening. The lack of reliable government data comes as the Federal Reserve mulls further interest rate cuts.
Press Release: FDIC Issues List of Banks Examined for CRA Compliance
PRESS RELEASE | OCTOBER 3, 2025 FDIC Issues List of Banks Examined for CRA Compliance WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in July 2025. The […]
Crypto assets as collateral? In the U.S., the Fed has cleared the way
A recent Federal Reserve ruling makes it possible for banks to accept cryptocurrency as collateral for private transactions. It’s an important step toward integrating digital assets into the financial system.
Why no one can end the investment banking recruiting war
College sophomores are applying for jobs before they’ve even taken a finance class. Goldman Sachs CEO David Solomon says he dislikes the process, but doesn’t have the power to change it.